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LCID Stock News: Lucid Group Inc jumps higher as oil prices push demand for EVs

NASDAQ:LCID gained 4.62% during Tuesday’s trading session.
Lucid continues to rebound from its post-earnings sell off.
Volkswagen is building a $2 billion factory for its new Trinity model.

Stocks Reporter FXStreet

NASDAQ:LCID rose for the second straight day to start the week as demand for electric vehicles continues to rise alongside soaring oil prices. On Tuesday, shares of LCID gained 4.62% and closed the trading session at $24.24. The ongoing situation in Ukraine continued to weigh on the markets as all three major indices whipsawed during the session. The Dow Jones had the biggest swing, falling from a 585 basis point gain to a 184 point loss by the closing bell. The NASDAQ and S&P 500 wavered throughout the day, and both closed the day slightly below water with losses of 0.28% and 0.72% respectively.

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Lucid has shown that investors still have faith in the luxury EV maker over the long term, as the stock has rebounded from its post-earnings sell off last week. The major headline that caused investors to sell was the fact that delivery estimates for 2022 were decreasing from 24,000 to 12,000 to 16,000 for the year. The company also reported wider than expected losses. The EV maker also announced that it would be breaking ground in Saudi Arabia during the first half of 2022 to build its second production facility, and is still eyeing major markets like Europe and China for future expansion.

Lucid Motors stock forecast

Just days after Tesla’s (NASDAQ:TSLA) Berlin GigaFactory received conditional approval to open, German automaker Volkswagen has announced its new $2.2 billion plant for its new electric model, the Trinity. The factory will be located just 140 miles from the Berlin GigaFactory, and construction is expected to begin by the Spring of 2023.

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